Zimdollar will be back - Gono

RBZ governor Gideon Gono reiterates that Zimbabwe will reintroduce the local currency to circulate along with other foreign units.

He says "no economy can survive without its own currency. When I talk of reintroduction of local currency, it doesn't have to be the Zimbabwean Dollar, but whatever we decide, we need it so that we are not prone to  factors in economies we have no control over.

Gono also gave assurances that the domestic financial sector is safe and sound despite facing numerous financial and economic challenges.

Gono made the remarks at the Confederation of Zimbabwe Industries economic seminar in Harare yesterday, pointing out that severe liquidity challenges were fertile ground for financial sector instability.

The central bank governor assured the nation that the sector was safe and sound with 96% in deposits, assets and market share reportedly in the hands of the strongest banks with troubled banks holding the balance.

As of December 31, 2011 the strongest banks held 96% of the market share. They had 97.3% share of assets and 96.1% share of loans while troubled banks held 4.1% share of assets, 2.6% market of deposits and 3.84% loans.

"It is about values and not about the numbers," said Gono.

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